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AGR: Agere’s Miss Should Have Been Better Anticipated

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By Douglas A. McIntyre Published
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By William Trent, CFA of Stock Market Beat

Agere Systems Updates Second Quarter Fiscal 2007 Revenue Outlook: Financial News – Yahoo! Finance

Agere Systems (AGR) today updated its outlook for the second quarter of fiscal 2007, primarily as a result of inventory corrections at several leading customers in its Networking and Storage businesses. Based upon recent developments, the company now expects revenues in the quarter ending March, 2007 to be approximately 12 percent lower than the $372 million reported in the quarter ended December, 2006.

The fact that they make those reading the press release do the math to figure out that the new guidance is approximately $332 million (don’t they have engineers who can figure that out) is annoying. Apparently they don’t want to draw attention to how much below the $369 million consensus they will fall. Agere, which is merging with LSI Logic (LSI), saw its share price fall 3.5% on the news. That investors were surprised by the news is surprising to us, since we have been warning of a pending inventory correction across the semiconductor landscape for months. However, the decline could arguably have been much worse had investors not already been expecting something negative.

http://www.stockmarketbeat.com/

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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